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متابعة

If beginning capital was $25,000, ending capital is $37,000, and owner's withdrawals were $23,000, the amount of net income / loss for the period was?

a.net loss of $35,000

b.net income of $35,000

c.net income of $14,000

d.net loss of $14,000

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تم إضافة السؤال من قبل Shahbaz Hayder , Group Head of Finance , Sharif Group of Companies
تاريخ النشر: 2015/06/07
Wasim khan wazir
من قبل Wasim khan wazir , Finance Specialist , Mott Macdonald

B) Net income $35000.

Opening capital $25000

Net income.       $35000

Drawing.            ($23000)

 

Closing capital. $37000

Zehab Osman
من قبل Zehab Osman , Accountant , Aldar Consultancy Co.

b.net income of $35,000------------------------

PAUL PANDI VEERACHAMY
من قبل PAUL PANDI VEERACHAMY , Accountant , United Insurance Brokers (DIFC) Ltd

Ending Capital = Opening capital - withdrawal + Net Income

              37 K  =25 K -23 K + NI

                NI =35 K

 

Answer : B  

Shahbaz Hayder
من قبل Shahbaz Hayder , Group Head of Finance , Sharif Group of Companies

Yes Option B is the right answer.

Abdul Majid Khatri
من قبل Abdul Majid Khatri , A Qualified Chartered Accountant , Honeycomb Logistics Pvt. Ltd.

Option (B) Net Income of $35,000..............!!!

mushtaq ahmad
من قبل mushtaq ahmad , CEO Manager , Air-Roz Trading Company

The Option B is correct for this question but it should be assume that the owner didn't invested more capital during the year. As the capital shows ending Capital amount.  Means there should be no confusions in the question. It should be clear, transparent and easy.    

Wilfredo Cruz
من قبل Wilfredo Cruz , Senior Auditor , General Authority of Civil Aviation

Since capitalization was increased by 12,000 despite of 23,000 drawing, we can assume that there was increased in earning or income. Therefore, it is safe to say a net income by 35,000.

Yaser Allahidan
من قبل Yaser Allahidan , Head of Digital Services Section , Confidential

Correct Answer is B.net income of $35,000

Abdulrahman Chiwalo
من قبل Abdulrahman Chiwalo , Senior Auditor-Assurance , Ernst & Young LLP

In this case considering all options, Correct Answer is B

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